Oxford Biomedica (LSE:OXB), the London-listed cell and gene therapy contract development and manufacturing organisation (CDMO), reported constant currency revenue growth of 10% to £80.2 million for the six months ended 30 June, with reported revenue up 9% to £79.8 million against the same period last year.
Adjusted operating EBITDA improved to a loss of £2.5 million from a loss of £3.9 million in the first half of 2025, driven by stronger revenues and cost discipline, though gross margin fell to 37% from 43% a year earlier on product and client mix.
The company signed 17 new clients in the first half, more than 30% above the total for all of 2025, with a further four signed since period end bringing the total portfolio to 59 client programmes and 50 clients.
Revenue backlog stood at approximately £193 million at 30 June, with around £168 million of forecast full-year revenue covered by contracted client orders as of September.
Oxford Biomedica's Durham, North Carolina manufacturing site is now online following a previously disclosed six-month delay, with the first GMP run completed and client activity expected to ramp up in the second half.
"Our Durham, NC site is now operationally ready and serving clients, with GMP manufacturing capabilities online and the first GMP run completed", said chief executive Frank Mathias.
The company reiterated full-year 2026 guidance for constant currency revenue of £180 million to £200 million, EBITDA margin in the mid-single digits excluding one-off costs, and 25% to 30% revenue growth in 2027.
News Intelligence what this means for the company
Oxford Biomedica grew H1 revenue 10% to £80.2m and signed 17 new clients—more than 30% above all of 2025—while its delayed Durham manufacturing site is now live with first GMP run complete. The company reaffirmed FY2026 guidance of £180–£200m revenue, implying 125–150% growth from H1 run-rate, underpinned by £193m revenue backlog and ramp-up of the newly operational US facility.
Execution risk on the Durham site—the company's key growth lever—has moved from commissioning to client ramp-up; H1 margin compression (37% vs 43% YoY) on product mix warrants monitoring against the mid-single-digit EBITDA margin target for 2026. Client wins and backlog growth support the guidance, but delivery at scale remains the test.
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